Cambria Files Global Equity ETF With Section 351 Launch Strategy

Cambria Investment Management has filed for the Cambria Global EW 4 ETF, an actively managed global equity strategy that will invest directly in stocks and through other ETFs. The fund will focus primarily on large-cap companies, with a majority of its individual-stock exposure expected to come from companies among the roughly 500 largest globally. It can invest across developed and emerging markets without country limits, using common and preferred stocks, depositary receipts, REITs and ETFs. Country weights are expected to reflect each market’s share of global large-cap capitalization, while ETFs may be used for efficient country, regional, sector or style exposure. The portfolio will normally span at least three countries, including the U.S., and will rebalance at least annually. At launch, Cambria expects the ETF to receive material in-kind assets through Section 351 transactions intended to qualify for tax-deferred treatment.